Huspen v. T & H, Inc

Defendant appeals as of right from a circuit court determination that defendant’s rescission of a stock subscription agreement between plaintiff and defendant and defendant’s cancellation of the stocks issued to plaintiff were void. We affirm.

In 1987, plaintiff was issued 1,000 shares of defendant’s stock pursuant to a subscription agreement whereby plaintiff agreed to pay 50 cents a share. It appears that plaintiff obtained physical possession of the stock certificates. Plaintiff subsequently transferred the shares to various relatives, but retained voting rights pursuant to a voting trust…